The Law Dictionary for Everyone
A gift tax is a tax placed on property that is transferred from one person to another without the giver receiving something of equal value in return. The giver, not the receiver, of a gift is required by the IRS to file a gift tax return, and must pay any gift tax due, even if the transfer of property was […]
Read moreThe legal term conservatorship refers to the appointment of a guardian to manage the affairs of an individual who is physically or mentally unable to care for himself. A conservator is appointed by the court, and may be appointed to manage only the individual’s financial affairs, or to manage the individual’s “person,” seeing to the activities and needs of daily […]
Read moreReconciliation is an accounting term that refers to keeping financial or other records in balance, in agreement, and accurate. The reconciliation method is often used in maintaining business records to ensure that the amount of money going out matches what is recorded as spent. Reconciliation also applies to personal financial records, as it is used to balance the family checkbook. […]
Read moreThe term “assets” refers to things owned by people or entities that have, or are expected to have, economic value. Assets can come in many forms including cash, bank accounts, investments, collectible items, personal possessions, and real property. The value of an individual’s or entity’s assets is offset by the amount of their debts, and comes into play when seeking […]
Read moreA deed is a legal, written document used to transfer or signify ownership of real property, or certain types of personal property. A deed is commonly required for the transfer of land, as such a transfer can only be made in a specific manner prescribed by law. The deed is signed by the person transferring the land (the “grantor”), conveying […]
Read moreEstate taxes are taxes imposed by the federal government on property that is transferred after a person dies, whether according to deceased person’s will or other estate planning documents, or by order of the probate court. While it is commonly known that federal estate taxes apply in certain cases, states may also tax such inheritances. To explore this concept, consider […]
Read moreTo put it simply, a codicil is an amendment to an existing will. Creating a new will when circumstances change, or when the individual changes his or her mind, can be expensive. If the desired change or addition is not complex, stating the new wishes in a codicil is the easiest, and least expensive, way to update a will. Codicils […]
Read moreAdult foster care is a system in which adults are placed into group or private homes where they are taken care of by caregivers. Adult foster care is typically arranged through governmental or private agencies, but it may be arranged by relatives who are unable to care for the adult in question. Adult foster care is often reserved for people […]
Read moreA no fault divorce is one in which neither spouse places blame on the other for the demise of the marriage. The couple seeking a no fault divorce merely has to assert that they are incompatible, or that irreconcilable differences exist. In a no fault divorce, the court grants the dissolution of marriage without requiring either party to show evidence […]
Read moreIn its most basic terms, a “beneficiary” is a person or entity that receives financial or other benefits from a patron or benefactor. While the concept of a beneficiary is commonly thought of in relation to wills and trusts, it is also used in connection with insurance policies and contracts. The beneficiary of an insurance policy is the individual that […]
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